Bitcoin has found success in many markets, but the growth in the online gaming industry has perhaps been the most marked in recent years. Why is it that this industry seems to lend itself so perfectly to Bitcoin as a currency? Could it be its increased privacy and safety? Its anonymity, or its transaction speed? We will discuss the attributes of Bitcoin that make it the obvious choice for online gaming providers.
<h2>Bitcoin as a Work Around for Unreleased Content</h2>
In the US and UK in particular, most of the hotly anticipated games tend to be released early. If you live in the UK or US then that's great, but if you live in parts of the world where the release date could drag on, perhaps indefinitely, then it can be very frustrating. Bitcoin answers to no central bank, so players from around the world are able to use the currency to pay for online games. This means that anybody with access to a computer and stable internet connection, can get their hands on content from providers who allow Bitcoin payments. This decentralisation levels the playing field for everyone, creating a fairer community, globally, for players.
<h2>Increased Safety for Players</h2>
With the increasingly sophisticated hacking methods in use nowadays, a primary concern for many online gaming players is that the wrong people could get their hands on their data. Scandals appear almost weekly, involving huge amounts of data that could have been compromised. One currency that pretty much removes the danger of these breaches is Bitcoin. Owing to the fact that a Bitcoin account can be set up completely anonymously, there is no information that the company holds which can be endangered.

As well as this, Bitcoin ensures increased <a href="https://www.cryptoknowmics.com/news/why-blockchain-security-is-so-important-for-enterprises?nonamp=1" target="_blank" rel="noopener">security through the use of blockchain technology</a>. This technology is not owned by any central company, but is rather public and visible to anybody who would like to see it. For those whose knee-jerk reaction was to panic, remember that no valuable data is stored here, only information pertaining to the blockchain. So in fact, instead of this making our personal information visible, it only makes transactions publicly available for scrutiny. This means that if a transaction is supposed to have taken place, it's fully traceable and can be confirmed independently, great news for those who make honest transactions, terrible news for people looking to falsify claims.
<h2>Bitcoin has Real Life and Online Applicability</h2>
The proliferation of online casinos in recent years has led to an increased number of people playing their favorite casino games online using computers, smartphones, and tablets. Slots are one of the most popular online games, with the house edge, <a href="https://www.pokerstars.com/casino/news/all-you-need-to-know-about-rtp-in-slots/1400/" target="_blank" rel="noopener">also known as RTP</a>, a topic of interest to many. Online casinos are increasingly looking at ways to incorporate bitcoin and other cryptocurrencies into their operations.

Whilst Bitcoin has obvious online applicability, it also has its place in 'the real world'. Not only can Bitcoin be used in online casinos, but it's also being more widely accepted in bricks and mortar establishments. In Las Vegas, in particular, casino technology allows them to accept Bitcoins which allows players to enjoy their gaming more anonymously and brings extra revenue to the casino. The currency is accepted via specialised machines, which allow players to pay anonymously and enjoy the in-person gaming experience, without the need for conventional currency.
<h2>The Potential For Zero Transaction Fees</h2>
[caption id="attachment_247051" align="aligncenter" width="1024"]<img class="wp-image-247051 size-large" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2022/09/bitcoin-charts-1024x683.jpg" alt="bitcoin chart" width="1024" height="683" /> Bitcoin has the ability to completely remove the need for transaction fees, which although small amounts of currency, could be truly revolutionary if adopted on a large scale.[/caption]

As we mentioned earlier, Bitcoin is totally decentralized. This is because it works using blockchain technology, allowing millions of computers across the world to check each transaction, without the need for human intervention. Although currently most providers who accept Bitcoin do charge transaction fees, if this technology were to be adopted more widely then they could disappear altogether. This could spell an <a href="https://news.bitcoin.com/pr-game-machine-exciting-time-to-be-an-investor-in-gaming-industry/" target="_blank" rel="noopener">exciting time for investors in the gaming industry</a>.

For online gamers this is great news, as a rapidly expanding sector of the market is in 'microtransactions'. These transactions are, as the name suggests, small amounts of money which players part with in order to speed up gameplay, skip difficult sections or buy items that will improve the user experience. Currently, there is a charge from the bank on every transaction made, which quickly adds up, both for the consumer and the provider - someone has to pay it. If percentage charges on these microtransactions could be avoided altogether through the use of Bitcoin, then the transaction could become instantaneous for the consumer and the provider could remove the charge demanded by the central bank.

The Key to Bitcoin's Success in the Online Gaming Industry

For online gamers this is great news, as a rapidly expanding sector of the market is in 'microtransactions'.

As a keen observer of every latest development in the crypto world, Guest has formed a sound understanding of how the blockchain and cryptocurrency works. Guest likes to keep a tab on all the trends within the crypto industry and treats our readers with insightful content.

The Key to Bitcoin's Success in the Online Gaming Industry

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